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Senior Citizens’ Freedom to Work Act of 2023
12/20/2024, 9:06 AM
Summary of Bill HR 5193
Bill 118 hr 5193, also known as the Senior Citizens’ Freedom to Work Act of 2023, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to provide senior citizens with the freedom to continue working without facing any penalties or restrictions on their Social Security benefits.
Under current law, senior citizens who are receiving Social Security benefits may face limitations on the amount of income they can earn from work before their benefits are reduced. The Senior Citizens’ Freedom to Work Act of 2023 aims to eliminate these restrictions and allow seniors to work as much as they want without any negative impact on their Social Security benefits.
The bill also includes provisions to protect seniors from age discrimination in the workplace and to provide resources and support for older workers who may be looking to re-enter the workforce or switch careers later in life. Overall, the Senior Citizens’ Freedom to Work Act of 2023 is designed to empower senior citizens to continue working if they choose to do so, without fear of financial repercussions. It is seen as a way to promote economic independence and flexibility for older Americans, while also addressing the challenges and opportunities faced by an aging workforce in the United States.
Under current law, senior citizens who are receiving Social Security benefits may face limitations on the amount of income they can earn from work before their benefits are reduced. The Senior Citizens’ Freedom to Work Act of 2023 aims to eliminate these restrictions and allow seniors to work as much as they want without any negative impact on their Social Security benefits.
The bill also includes provisions to protect seniors from age discrimination in the workplace and to provide resources and support for older workers who may be looking to re-enter the workforce or switch careers later in life. Overall, the Senior Citizens’ Freedom to Work Act of 2023 is designed to empower senior citizens to continue working if they choose to do so, without fear of financial repercussions. It is seen as a way to promote economic independence and flexibility for older Americans, while also addressing the challenges and opportunities faced by an aging workforce in the United States.
Congressional Summary of HR 5193
Senior Citizens' Freedom to Work Act of 2023
This bill eliminates provisions that reduce Social Security retirement benefits for certain beneficiaries who are younger than full retirement age and who have outside income above a certain threshold, also known as the Retirement Earnings Test (RET).
Under the RET, benefits are reduced for beneficiaries who are younger than full retirement age if they earn more than the annual limit ($21,240 for 2023). Withheld benefits are subsequently added to monthly benefits once the beneficiary reaches full retirement age.
Read the Full Bill
Current Status of Bill HR 5193
Bill HR 5193 is currently in the status of Bill Introduced since August 11, 2023. Bill HR 5193 was introduced during Congress 118 and was introduced to the House on August 11, 2023. Bill HR 5193's most recent activity was Referred to the Subcommittee on Social Security. as of December 17, 2024
Bipartisan Support of Bill HR 5193
Total Number of Sponsors
2Democrat Sponsors
0Republican Sponsors
2Unaffiliated Sponsors
0Total Number of Cosponsors
5Democrat Cosponsors
0Republican Cosponsors
5Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 5193
Primary Policy Focus
Social WelfareAlternate Title(s) of Bill HR 5193
Senior Citizens’ Freedom to Work Act of 2023
Senior Citizens’ Freedom to Work Act of 2023
To amend title II of the Social Security Act to repeal the retirement earnings test, and for other purposes.
Comments
Sponsors and Cosponsors of HR 5193
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